(RTTNews) - Crude oil inventories in the U.S. moved down during the week ended July 06, official data showed Wednesday.
The U.S. Energy Information Administration in its weekly crude oil report said U.S. commercial crude oil inventories decreased by 4.70 million barrels to 378.20 million barrels last week, but are above the upper limit of the average range for this time of year.
The week before, crude oil inventories decreased by 4.30 million barrels to 382.90 million barrels.
Meanwhile, total motor gasoline inventories moved up by 2.80 million barrels last week, after increasing by 200,000 barrels in the prior week, but are in the lower limit of the average range.
Analysts were expecting crude oil inventories to decline by 1.50 million barrels and gasoline stocks to add 600,000 barrels last week
Late Tuesday, data from the API revealed that U.S. crude oil inventories moved down by 695,000 barrels and gasoline stocks jumped 2.50 million barrels in the week ended July 06.
Oil refinery inputs averaged just under 15.80 million barrels per day during the week, which were 143,000 barrels per day above the previous week's average as refineries operated at 92.7 percent of their operable capacity.
Meantime, U.S. crude oil imports during the week averaged 8.60 million barrels per day last week, down by 148,000 barrels per day from the previous week, official data revealed. Over the last four weeks, imports have averaged 9.0 million barrels per day, which were 229,000 barrels per day below the same four-week period last year.
Earlier today, the OPEC in its monthly oil market report held its 2012 world oil demand at 0.90 million barrels per day (mbd). However, the cartel forecast 2013 world oil demand growth at 0.80 mbd, representing a slowdown in growth from the current year. Commenting on the U.S. stock piles, the cartel said US commercial oil stocks rose further in June, increasing by 10.8 mb, the highest level since August 2011. Inventories were 17.0 mb above a year ago and 31.5 mb above the five-year average, it added.
Light Sweet Crude Oil (WTI) futures for August delivery are gaining $1.69 to $85.60 a barrel.
